Nifty Intraday Support & Resistance Levels for 24.12.2024
On Monday, Nifty opened with a gap-up, climbing to a high of 23,869.55 before dipping to a low of 23,647.20. It eventually closed at 23,753.45, gaining 165 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) is negative.
Demand/Support Zones
Near Demand/Support Zone (15m): 23,537.35 - 23,632.30
Near Demand/Support Zone (75m): 23,447.15 - 23,578.60 (tested)
Far Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,831.35 - 23,869.55
Near Supply/Resistance Zone (75m): 23,892.70 - 23,993.90
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45
Near Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
As anticipated, Nifty rebounded from the 75m Demand Zone after five consecutive negative sessions and its oversold condition. If the 75m support zone holds, there’s potential for bullish movement toward 24,150 - 24,400.
Demand/Support Zones
Near Demand/Support Zone (15m): 23,537.35 - 23,632.30
Near Demand/Support Zone (75m): 23,447.15 - 23,578.60 (tested)
Far Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,831.35 - 23,869.55
Near Supply/Resistance Zone (75m): 23,892.70 - 23,993.90
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45
Near Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
As anticipated, Nifty rebounded from the 75m Demand Zone after five consecutive negative sessions and its oversold condition. If the 75m support zone holds, there’s potential for bullish movement toward 24,150 - 24,400.
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